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Do insurance companies really give full replacement costs for property destroyed in a flood or storm?
Wiki User
∙ 14y ago
Flood damage and storm damage are not the same thing. Flood insurance is generally only available from companies who write on behalf of the National Flood Insurance Plan (NFIP), administered by FEMA.
The Flood Plan covers Personal Property only on an Actual Cash Value (ACV) basis. ACV means depreciated value.
Wiki User
∙ 14y ago
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Do insurance companies use property cost estimating software?
Insurance companies usually use the property tax value when estimating a propertys value. Insurance estimating software will help them in the even of a loss to estimate the replacement costs.
Will insurance companies be responsible for property ruined by the oil should the oil be forced inland by a hurricane?
During hurricanes, property is mostly destroyed by gusts of high winds and flying debris such as branches- which the insurance companies will pay for if insured. Floods occurring during hurricanes are usually filled with mud, so flooring and carpets require replacement. So, I don't see the oil spill as adding to the property damage.
What are the types of insurance companies?
There are two types of insurance companies: life insurance companies and casualty and property insurance companies.
How do portfolios of life insurance and property and casualty insurance companies differ?
Life insurance companies tend to be working with more money than property and casualty insurance, in most cases.
What type of insurance is sold by the Great American Insurance Company?
The Great American Insurance Company specializes in property insurance and casualty insurance for companies. These insurance types protect the companies from property damage and legal fees.
What types of insurance companies offer property insurance quotes?
Many insurance companies offer a quotation for property insurance. For example, companies such as Churchill, Aviva and Tescos offer home insurance quotations. Also, try comparison sites such as Money Supermarket.
Why is vandalism is wrong?
Vandalism damages or destroys the property owned by someone else. It costs private citizens or insurance companies billions every year.
What are the most popular property insurance companies in the US?
There are many popular property insurance companies in the US. Some examples of the most popular include State Farm, Allstate Insurance, and Travelers.
Where can one purchase property owner insurance?
Property owner insurance can be purchase from local insurance companies or insurance brokers. One can also purchase property owner insurance online. Some sites allow you to enter your information, then they have several insurance companies give quotes all at one time, for easy comparison.
Which insurance companies are based in California?
There are four insurance companies based in California. Accident and health insurance companies include Blue Shield of California and State Compensation Insurance Fund. Property and casualty insurance companies include Esurance and CoverHound.
Can flood insurance be purchased for rental income property?
Yes, for residential rental property, flood insurance can be purchased up to $250,000 or the replacement cost value of the property, whichever is lesser.
Who needs to get property insurance?
Anyone that has a home that they own, even if it is not paid for needs to get property insurance. Property insurance is a type of home owners insurance. If you would like to save money make sure that you get quotes from several companies. Property insurance is a must for everyone.
